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Wayfair Tumbles After Cutting 5% of Workforce in Overhaul
- About 870 employees will be affected by the terminations
- Retailer also making “substantial” cuts to third-party labor
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Shares of Wayfair Inc., the e-commerce marketplace that was one of the pandemic’s winners, fell after the company said it will cut about 870 employees to save costs amid a slowing economy.
The move represents about 5% of its global workforce and around 10% of the corporate team, the company said in a filing Friday. It’s also making “substantial” reductions in third-party labor costs.